ECO-6655: Application Problem Set #2, T1-13
The next desk reveals the variety of widgets that may be produced by expert laborers every month:QuantityNo. ofof LaborWidgets001652140321042655295631073228320a. (5 factors) Calculate common product (AP) and marginal product (MP) for each determine in thetable. Present your work.b. (three factors) Determine the extent of output above for Levels I, II, and III ( that is mentioned in thelecture notes, not within the e book). Clarify briefly.c. (6 factors) Widgets promote for $25 every. What number of employees will this agency rent at a month-to-month wage of$550? Clarify your reply and present all calculations.d. (three factors) What's the most the agency can be prepared to pay every employee if it wished to rent 7workers? Clarify.